Most of 2018 budget’s foreign borrowings to be directed to energy field
YEREVAN, DECEMBER 26, ARMENPRESS. Armenia’s foreign borrowings in 2018 will comprise 411 million USD, 307.3 million USD of which will be directed to the country’s foreign debt servicing, according to the 2018 borrowing program of the finance ministry, reports Armenpress.
From the abovementioned borrowed money, 99 million USD or 48 billion AMD will be directed to the budget support programs, and 312 million USD or 151 billion AMD to targeted programs. 144 million USD o out of 307.3 million USD will be directed to the repayment of the principal amount of foreign loans, 97.5 million USD to interest rates payment, 65.8 million USD to foreign currency bond servicing.
In the structure of the 2018 foreign borrowings, 30.5% share belongs to Russia (125 million USD), 26.1% to the Asian Development Bank (107 million), 14.8% to the International Bank for Reconstruction and Development (61 million USD), 12.9% from Germany (53 million), 4.3% from the European Investment Bank (18 million), 2.8% from France (12 millions) and 8.5% from other lenders.
Most of the borrowings – 150 million USD will be directed for the implementation of energy programs 114 million USD of which will be spent on the reconstruction program of the Armenian nuclear power plant. 73 million USD will be allocated to the road construction field, from which 34 million USD will be spent on the implementation of North-South transportation corridor investment program. 34 million USD will be provided for the upgrading of irrigation systems, 28 million USD for educational and social programs and 8 million USD for water supply system.